Q&A with FineMark National Bank & Trust

QAHow often do I need to review my estate plan?

BY ANNA SMITH, VP MANAGING EXECUTIVE

Although there’s no hard-and-fast rule about when you should review your estate plan, you should know it’s important to do a review immediately after any major life event, once a year for a quick review based on the economy or tax code changes, and every three years for a thorough review.

There are also circumstantial events that may require you to make changes to your plan to ensure it still meets all of your goals. For example if:

• Your marital status has changed or the marital status of your children or grandchildren has changed

• There has been an addition to your family through birth, adoption or marriage

• Your spouse or family member has died, become ill, or is incapacitated

• There has been a substantial change in the value of your assets or in your plans for their use

• Your income level or requirements have changed

• The personal representative (executor), trustee, guardian, agent under the power of attorney or health care surrogate changes his or her mind about serving in that capacity or you determine he or she is no longer the appropriate person to serve in that capacity

• A review should be done if any major tax law changes are pending.

• The Estate tax exemption amount sunsets at the end of 2025.

Reviewing your estate plan will not only give you peace of mind, but will also alert you to any other changes that need to be addressed. If you have questions regarding your estate plan, talk with your advisor, or stop by the FineMark office on The Island. We are always happy to help and can point you in the right direction.